Solana Shines In Trending Searches In Last 7 Days – But SOL Price A Different Story

Christian Encila

2 years ago

3 mins read

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Solana is not lacking in positive news for its investors and crypto holders as it tries to bounce back from its lackluster performance last month.

Solana is currently experiencing supply inflation
SOL came 2nd next to AXL in 7-day trending searches
The crypto is down by 6.3% over the last 30 days

It was announced recently that the Tulip Protocol with WalletConnect was successfully integrated to the Solana network.

Tulip Protocol is a decentralized application (dApp) that is said to be an efficient yield aggregator that takes advantage of the low cost and highly efficient Solana blockchain enabling stakers to have higher APYs even without active management.

Meanwhile, on October 8, Solana surpassed all cryptocurrencies in terms of trending searches for a seven-day period, ranking second behind AXL.

Topping the list of recent developments for the SOL network is the development of Firedancer – a validator client that’s supposed to prevent any future outage.

Solana Unable To Capitalize

Even with all of these positive events that revolve around Solana, the crypto still continues to struggle in getting out of its slump.

The 9th largest cryptocurrency by market capitalization is currently changing hands at $32.52 and is down by 6.3% over the past month according to tracking from Coingecko.

The asset is experiencing severe price drop, falling by 79.3% on a year-to-date timeframe. Also, for the past year, Solana has been outperformed by 70% of the top 100 crypto assets.

The last 30 days haven’t been friendly for the crypto either, as it only managed to stay “in green” for 12 days. It is currently down by 87% from its all-time high of $259.52 attained on November 6, 2021 and is on the verge of supply inflation.

Although SOL beat most of its fellow digital assets in trending searches, it is in a bearish position and continues to struggle along with most of the crypto space.

Metrics Sending Bearish Signal

If only its trending position could rescue Solana, the asset won’t be in this precarious position that is moving towards another significant decline.

Its daily chart was full of bad news as its Chaikin Money Flow (CMF) showed a dip below the crucial neutral position – an indication of a bearish momentum.

Source: TradingView

Taking into consideration all the activity of Solana’s charts, it was concluded by analysts that the asset could be looking at a resistance marker of $34.14.

That could mean that in the next coming days, even if the crypto improves in terms of trading price, it won’t hit above $34.14.

That’s assuming SOL will make an upward movement which won’t happen anytime soon as the asset is predicted to decline in the next five days and settle with trading price of $31.22.

The coming month of November is also not looking good for Solana as it is forecasted to change hands at $21.39.

SOLUSD trading pair at $32.68 | Featured image from Crypto News, Chart: TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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